Bristol-Myers Squibb (NYSE:BMY) Updates FY 2024 Earnings Guidance

by · The Markets Daily

Bristol-Myers Squibb (NYSE:BMY – Get Free Report) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.750-0.950 for the period, compared to the consensus earnings per share estimate of 0.710. The company issued revenue guidance of $47.3 billion-$47.3 billion, compared to the consensus revenue estimate of $46.8 billion. Bristol-Myers Squibb also updated its FY24 guidance to $0.75-0.95 EPS.

Bristol-Myers Squibb Trading Down 2.6 %

BMY stock traded down $1.45 during trading hours on Friday, reaching $54.32. The stock had a trading volume of 12,894,832 shares, compared to its average volume of 8,759,896. The stock has a 50-day simple moving average of $51.26 and a 200 day simple moving average of $46.57. Bristol-Myers Squibb has a fifty-two week low of $39.35 and a fifty-two week high of $56.20. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.02 and a current ratio of 1.16.

Bristol-Myers Squibb (NYSE:BMY – Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The biopharmaceutical company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.49 by $0.31. The firm had revenue of $11.89 billion for the quarter, compared to the consensus estimate of $11.26 billion. Bristol-Myers Squibb had a negative net margin of 15.30% and a positive return on equity of 11.40%. The company’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.00 earnings per share. Equities research analysts anticipate that Bristol-Myers Squibb will post 0.72 earnings per share for the current fiscal year.

Bristol-Myers Squibb Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Friday, October 4th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.42%. The ex-dividend date of this dividend was Friday, October 4th. Bristol-Myers Squibb’s dividend payout ratio is presently -66.85%.

Analyst Upgrades and Downgrades

BMY has been the subject of a number of research reports. Sanford C. Bernstein started coverage on Bristol-Myers Squibb in a report on Thursday, October 17th. They set a “market perform” rating and a $56.00 target price for the company. StockNews.com upgraded shares of Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 29th. Barclays increased their price target on Bristol-Myers Squibb from $42.00 to $43.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. BMO Capital Markets upped their target price on Bristol-Myers Squibb from $53.00 to $57.00 and gave the company a “market perform” rating in a research report on Friday. Finally, Citigroup cut shares of Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $75.00 to $55.00 in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $53.00.

Get Our Latest Report on BMY

Bristol-Myers Squibb Company Profile

(Get Free Report)

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers products for hematology, oncology, cardiovascular, immunology, fibrotic, and neuroscience diseases. The company's products include Eliquis for reduction in risk of stroke/systemic embolism in non-valvular atrial fibrillation, and for the treatment of DVT/PE; Opdivo for various anti-cancer indications, including bladder, blood, CRC, head and neck, RCC, HCC, lung, melanoma, MPM, stomach and esophageal cancer; Pomalyst/Imnovid for multiple myeloma; Orencia for active rheumatoid arthritis and psoriatic arthritis; and Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia.

Read More